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Hoping to get some advice...

Posted by on Dec. 26, 2013 at 8:19 PM
  • 4 Replies

I know by no means is this a professional group but I'm sure someone here has been in the same shoes, or close to the same shoes, as I am in now.

DH and I are in debt. Between his student loans which he has to start repaying next month, 4 credit cards that are accounts closed and other miscellaneous debts we are in the hole for about $23k.

The credit cards at one point were paid off with $0 balance on them - until DH lost his job 4 years ago. I was only working part time at this point and with us not having his income money was tight, could barely afford to pay rent combining my paycheck and his unemployment, let alone utilities and food. So being young and stupid I pulled out the charge cards. For between 1 1/2- 2 years it was a downhill battle. He is working again and has been for almost 3 years

Today I signed up for careonecredit.com to consolidate 2 out of my 4 credit cards and the miscellaneous debts. I didn't add in the other 2 credit cards or his student loans because the payments are out of reach for us at the given time. He is working full time and I am still part time. After signing up and agreeing to every thing my payment will be $117/mo which is perfect...then I checked the mail. Evidently one of the credit cards has filed an intent to sue in small claims court. When I was asked by care one credit if I had received any legal papers from lawyers I said no (at that moment I hadn't). He checked the local courts and there were no open cases with my name attached to it, do you think that they will accept the proposal from care one? The small claims letter says I should receive an answer form within 6 weeks to respond to them and they want $35/wk and I can't afford that - I know it's a low amount but I do have other bills I have to pay, including purchasing my daughters formula at $28/can. So if I get the answer form before they get the proposal what do I do? I don't want to have to go to court but at the same time I'm afraid of them not accepting the proposal and getting stuck trying to pay something I can't afford....

Sorry for the length of this I'm just going crazy right now...I feel so stupid and angry and ashamed that I'm in this situation bummed_out

by on Dec. 26, 2013 at 8:19 PM
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Replies (1-4):
MommyTo5Boys
by on Dec. 26, 2013 at 8:23 PM

I really have no idea for sure, but just in my opinion, I don't see why they wouldn't accept. I mean it would keep them out of court, no court fees and they would get their money ... why wouldn't they accept?!?!
I would call them tho to let them know what is going on so no further actions aginst you are taken. 

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moogsmom03
by Member on Dec. 27, 2013 at 9:09 AM
1 mom liked this

If you're going to do the consolidation on your credit cards you might be better off just filing bankruptcy and wiping it all clean. Yes it will trash your credit for awhile, but so does using a service like this and you're still in debt and paying on this stuff. My DH and I are also in debt, about $38,000 plus a second house that we rent out that is now underwater and we are seriously considering filing bankruptcy to get rid of it all. If I were going to do a debt consolidation I would just switch gears and file bankruptcy instead. Start fresh. Good luck!

RonaH
by Member on Dec. 27, 2013 at 2:40 PM

Go to court if you get an actual summons (not just a letter threatening) whatever you do don't skip. They may want something but if you can show the judge you cant pay he doesn't have to agree to that. It happened to my cousin. Even better just file for bankruptcy you cannot include the student loans those stay with you forever but you can include everything else and start fresh you credit will probably rebound faster that way and you wont be stalked by creditors.

arkansasmama08
by Member on Jan. 10, 2014 at 10:10 AM
I'd call the credit card company and let them know that you're working with a credit agency to settle it. My guess is that they would take it.

what kind of formula is your daughter on? If its a special formula, and I assume it is at that price, see if you can get it through wic or your insurance if you have any.
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